If your business has a low credit rating but you need funds instantly, Reliant Funding might be the perfect solution. According to Reliant Funding reviews, this lender offers fast loans with no collateral or minimum credit score. Read our review and find out more.
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
- Quick application process
- No credit score requirement
- Minimal business longevity requirement
- Various financing options
- Equipment financing solution
- Higher repayment rates
- Lack of transparency
Reliant Funding Overview
Reliant Funding is a San Diego-based online lender offering financing services for different industries: food service, healthcare, retail, transportation, construction, and many others. It offers three types of financing: business loans, merchant cash advances, and equipment financing.
The company was founded in 2008. Over the past 10 years, Reliant has supported more than 10,000 businesses with more than $1 billion in loans. Thanks to its uncomplicated, 30-second application process – as well as some of the industry’s most flexible financing solutions – Reliant Funding is the main choice for thousands of American small businesses.
Reliant Funding is one of the industry’s rare lenders that don’t always judge a borrower’s creditworthiness based solely on credit score. A better score will help you secure a bigger loan with lower rates, but Reliant can find a way to work with you even if your credit history isn’t stellar. You also don’t need to sign over your business or other assets as collateral for a Reliant loan.
That isn’t to say that Reliant disburses loans indiscriminately. The company does have some requirements. Businesses seeking loans should be financially stable with good landlord references and no open bankruptcy.
Reliant Funding specializes in customizable financing solutions, meaning that it will get creative when putting together a financial solution for you and your business. The amount you can borrow ranges from $5,000 to $500,000. Reliant Funding customer service agents will help you decide the size of your loan and create a plan to get the financing you need.
This online lender approves 70% of the small-business loan applications it receives. That’s a lot more than most banks. Add that willingness to work with startups and small businesses to its quick application process and flexible borrower qualifications, and it’s clear why so many business owners choose Reliant.
For companies with tarnished credit, a Reliant Funding loan to buy equipment or overcome short-term cash-flow problems can be a godsend.
How does Reliant Funding compare to other lenders?
12% - 36%
15% – 88%
Types of Financing Available
Reliant Funding offers three types of financing for businesses and startups – small-business loans, merchant cash advances, and equipment financing. Generally, this lender is praised for its low borrowing qualifications, low credit score requirements, and fast payouts.
On the other hand, this means a limited amount of money you can borrow, high rates, and shorter repayment periods. Still, Reliant Funding is an attractive solution, mostly because of its flexible terms:
- A borrower needs to be in business for at least 6 months (12 months for small-business loans)
- There are no credit score requirements (except for a possible Reliant Funding Premium Program that is mentioned only once, in passing, on the company website)
- Collateral is not required (except for equipment financing)
Reliant Funding offers loans that range from $5,000 to $500,000.
Small-business loans are intended for startups and smaller companies looking for financing that is tailored to meet their needs. Even loans that brush up against the lender’s maximum size are funded the day after approval.
The main advantage of using Reliant Funding small-business loans is that you do not need an excellent credit score. Reliant Funding will check your FICO rating, but your score really does not affect the final decision.
To apply for this loan, a business needs to:
- Be in business for 12 months – or in some cases, just seven
- Have a minimum of $10,000 in monthly revenue or $100,000 per year
- Have no open bankruptcies
This is a short-term loan, which means that it must be repaid within 12 months. Reliant Funding small-business loan rates are calculated in advance. You’ll pay a fixed monthly, weekly, or daily rate, depending on the contract with the lender.
Reliant Funding Merchant Cash Advance Loans
Merchant cash advances come with a lot of benefits. If you decide to use this type of loan, you don’t need to worry about your credit history and collateral. The application process is simplified, and you can expect the money to arrive in your bank account within 24 hours after the lender approves your loan.
This type of loan is attractive for businesses that need instant access to funds. It is a good solution for businesses that are struggling with cash-flow problems, as well as for those that want to use the money for further investments.
As for repayment, there are two options. The first is to pay fixed rates by using ACH, which means that payments are deducted automatically from your bank account. Reliant Funding rates and payments are calculated in advance, so you will know precisely how much will be deducted from your account and when. With the second option, the lender charges a percentage of your daily sales until the loan is paid off.
To apply for a merchant cash advance, you must meet the following criteria:
- In operation for at least 6 months
- Monthly revenues of $10,000
- No open bankruptcies
Equipment financing is a commonly used type of loan for small businesses. Reliant Funding allows you to lease different types of equipment:
- Work vehicles
- Office furniture
- POS systems
Reliant covers leasing costs for used or new equipment, anything you need except for items that are disposable or consumable. Reliant Funding equipment financing even funds complicated leases that involve multiple vendors.
Approval does take longer. Reliant says you should allow for one month for your application to be approved. You will receive funds three to five days after approval.
The terms of equipment loans vary substantially based on the type of equipment you are buying or leasing. For detailed information, you can contact an agent by calling this number: (877) 850-0998.
Find the Best Financial Product for Your Business
A simple, fast application process is something borrowers expect when they apply for Reliant Funding loans, and the company does not disappoint them. You can start by asking for a quote on the website. Or you can just dive in and start filling out an application. You can leave the application process at any step if you wish.
The whole application, approval, and funding process revolves around the Reliant Funding website. You’ll see the application button on the top of the homepage in the right corner. To apply for a loan, you’ll need the following information: years in business, yearly revenue, the amount of money you need, and your business name. You can call a representative if you would like to provide further information or if you need assistance.
After you complete the application you can expect a call from a Reliant Funding representative. As soon as you make a deal with the representative, your Reliant loan will be approved. The process takes a bit longer if you are applying for equipment financing. Most small-business loans and merchant cash advances are approved within 24 hours.
What Information Do I Need to Apply?
The Reliant Funding application process takes practically no time, but the final decision is not made until the representative has checked your business history. The good news is that your credit score doesn’t need to be perfect. And Reliant Funding loans do not require that you sign over personal or business property as collateral.
You should be prepared with the following information and documents:
- Time in business
- Monthly or yearly revenue
- Bank statements
- Positive landlord referrals
In-Depth Presentation of Features
Reliant Funding small-business loans and merchant cash advances range from $5,000 to $500,000. There is no standard Reliant Funding interest rate; the lender charges fixed fees on a monthly, weekly, or daily basis. In practice, this means that your rate is fixed. You’ll need to pay the amount you borrowed plus a fixed fee. There is also an origination fee.
The second solution concerns merchant cash advances. In this case, the lender might claim a percentage of your daily sales until the debt is repaid.
The Reliant Funding BBB rating is A+, but there are a lot of Reliant Funding complaints. Most of the company’s negative reviews are focused on the lender’s lack of transparency when it comes to repayment terms. Clients also complain about Reliant Funding’s “aggressive” email strategy.
Loan Amounts and APR Details
Reliant Funding loans range from $5,000 to $500,000, but the amount a business gets depends on its needs and other factors. Each client gets a custom-tailored loan, crafted to ensure that the business gets the money it needs and has a payment schedule it can meet. According to Reliant Funding reviews, the lender specializes in short-term loans with repayment periods of six to 18 months.
Unlike other online lenders, Reliant Funding doesn’t quote borrowers an interest rate. Instead, fixed rates are calculated based on the amount you borrow and a negotiated multiplier. A fixed rate is essentially equivalent to an APR. For example, if you borrowed $1,000 and the multiplier is 1.2%, the sum of your payments will be $1,200.
Given the multiplier, it is a simple matter to convert it to an effective Reliant Funding annual percentage rate.
Eligible and Non-Eligible Businesses
Reliant Funding is open to all kinds of businesses, including restaurants, franchises, healthcare, auto repair, retail, construction, transportation, and many others. The lender is a good solution for businesses with a bad credit score, as well as for those that have been in business for a short period – in other words, those who have trouble borrowing elsewhere.
However, Reliant Funding is strict when it comes to some requirements. A business cannot apply for Reliant Funding loan if:
- It has been in operation less than seven months
- Has an open bankruptcy
- Has negative landlord references
Reliant Funding interest rates must be calculated, as the vendor does not present its multipliers and fees as interest or APR. This is just one example of how this lender offers potential borrowers poor information about repayment terms.
When it comes to merchant cash advances, there are two options. The first is the same as with small-business loans. A borrower has a fixed rate calculated based on the borrowed amount of money. The rate cannot change no matter how quickly you pay off your debt. The fixed rate is applied to your balance on a daily basis. The lender might also charge you a percentage of daily sales directly through your credit card.
According to Reliant Funding reviews, the average term of financing is six to 18 months.
This lender is not the cheapest option on the market, but it may come through with the funding you need after you’ve been turned down by other lenders.
The Bottom Line
Reliant Funding is a great solution for businesses that need funds fast. For small-business loans and merchant cash advances the processing period is just 24 hours, while for equipment financing, you’ll need to wait a little longer. With this lender, you don’t need to worry about your credit score. Reliant Funding loan requirements are easy to fulfill.
Although the lender has fixed rates that need to be paid off in a short period of time, its fast application process, simple requirements, and no-collateral policy make it attractive to many US businesses.
Reliant Funding Q&A
Is Reliant Funding legit?
Yes, Reliant Funding is legit. The company has been in operation since 2008, and it has funded more than 10,000 companies. The company has been rated with A+ on BBB, but according to Reliant Funding reviews, the lender has aggressive email campaigns. A lack of transparency about loan costs is the leading cause of negative Reliant Funding reviews.
Who owns Reliant Funding?
Reliant Funding is owned by Adam Stettner, who has been the head of the company since 2008.
Is Reliant Funding a direct lender?
Yes, Reliant Funding is a direct lender. There are three types of loans you can apply for at Reliant Funding: small-business loans, merchant cash advances, and equipment financing.